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Diamonds – Mining, Lab-Grown and Conflict/Blood

A tale of two territorial economies: Generator versus stabilizer – by Derek Neary (NNSL.com – June 27, 2024)

https://www.nnsl.com/

Nunavut’s qamutik hitched to growing mining revenues; NWT accentuates upside of big government

The tale of two territories remains divergent. Nunavut’s 3.4 per cent growth in gross domestic product in 2023 was the strongest in the country, according to initial data from Statistics Canada in May.

The usual players were front and centre. Mining’s share of Nunavut’s GDP continues to expand, reaching a record high 46.7 per cent in 2023, up significantly from 28.5 per cent in 2019. All of that gold and iron extraction — and the related spin offs — represented $1.37 billion for the economy last year, a slight increase from $1.33 billion in 2022.

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EU Adds Key Exemptions to Russian Diamond Sanctions – by Joshua Freedman (Rapaport Magazine – June 24, 2024)

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The European Union has extended the “sunrise period” for sanctions on Russian diamonds by six months and added an important concession for goods that predate the rules.

The traceability program for imports of rough and polished natural diamonds will become mandatory on March 1, 2025, and not on September 1, 2024, the EU said in a statement Monday.

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HOW LAB-GROWN DIAMONDS UPENDED THE INDUSTRY AND COULD END UP CHANGING THE WORLD – by Matthew Hart (Crime Reads – June 20, 2024)

https://crimereads.com/

Matthew Hart on mayhem in the diamond industry.

The diamond world was stunned when De Beers, the storied diamond miner, announced this month it was ditching its lab-grown diamond business. De Beers had been selling lab-grown gems online through its Lightbox brand for six years, at prices its competitors found hard to beat.

But the lab-grown diamond price was crashing, and De Beers will now focus its $94 million Oregon diamond factory away from gemstone production and onto something much more exciting: diamonds for targeted industrial uses.

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If Diamonds Aren’t That Rare, Why Do They Cost so Much? An Investigation – by Angela Horn (MSN.com – June 14, 2024)

https://www.msn.com/

Despite their widespread popularity and cultural significance, it turns out this popular engagement gem isn’t as rare as we may think. So, why are diamonds so expensive? Several factors contribute to their high price. Let’s unpack each of them to see if it’s worth shelling out a small fortune for these precious stones or if we should seek an alternative.

While diamonds might not be the rarest minerals on the planet, the specific type of diamond used in jewelry isn’t that easy to come by. Formed deep within the Earth’s mantle billions of years ago, only a small amount makes it to the surface. According to Info Diamond, only about 20 percent of rough diamonds are suitable for gem purposes.

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Sanctions on Russian diamonds: Good or bad for Africa? – by Chrispin Mwakideu (DW.com – June 19, 2024)

https://www.dw.com/en/

Diamond-rich African nations are ramping up production to fill the gap left by the G7 sanctions on Russian diamonds. But not all countries are happy about the ban.

Earlier this year, the G7 , a group of wealthy nations comprising the US, Canada, the UK, Germany, France, Italy and Japan, and the European Union banned rough diamonds mined in Russia.The ban was part of many sanctions on Russia imposed by Western nations and their allies for President Vladimir Putin’s 2022 invasion of Ukraine.

But the sanctions against Russian diamonds, intended to weaken Russia’s economy in light of its aggression, could pose a potential risk to the global diamond market’s stability.

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JCK Las Vegas Reflects Patchy Diamond Market – by Joshua Freedman (Rapaport Magazine – June 5, 2024)

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SI-clarity goods performed well, but overall trading was mixed.

Diamond trading at JCK Las Vegas set a cautious tone as the US consumer market remained uncertain, exhibitors reported.

The important fair, which ended Monday, mirrored the mixed trends visible in the sector. Loose-diamond suppliers gave varied reviews, with lab-grown competition continuing to impact sales. Certain categories of natural — chiefly stones with SI clarity — performed well.

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Not All Diamonds Are Forever, Says De Beers – by Tim Treadgold (Forbes Magazine – June 4, 2024)

https://www.forbes.com/

A six-year synthetic diamond experiment by De Beers is being abandoned in the first aftershock of the failed $49 billion attempt by BHP to buy mining rival Anglo American, the current owner of the diamond industry leader.

The controversial decision to make and market synthetic, or laboratory grown diamonds, was an attempt by De Beers to be a player at the cheap end of the gem business, a place in which it has never been comfortable. Lured by the opportunity to sell man-made gems to a mass audience there was always the risk that De Beers would get trapped in a race to the bottom in both quality and price.

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De Beers to Stop Producing Lab-Grown Diamonds for Jewelry – by Joshua Freedman (Rapaport Magazine – June 2, 2024)

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De Beers will cease creating synthetic diamonds for its Lightbox consumer brand in a strategic revamp that will also see it manufacture and sell natural polished. “We believe the value of lab-grown diamonds lies in technology rather than in jewelry,” De Beers CEO Al Cook said Friday at the company’s JCK Las Vegas breakfast event.

The miner’s Element Six business will streamline its three chemical vapor deposition (CVD) plants, merging them all into its $94 million facility in Portland, Oregon. That plant will pivot into a technology hub that produces diamonds for industrial applications, executives explained.

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What’s Next for De Beers? – by Avi Krawitz (Rapaport Magazine – May 21, 2024)

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De Beers draws its value from the diamond market. That value has come under scrutiny after last month’s dramatic bid by BHP Billiton to acquire Anglo American, the 85% shareholder of De Beers — a deal Anglo rejected. The offer, along with the diamond market’s weak performance in 2023, has fueled speculation about the future of De Beers.

Anglo confirmed the rumors on May 14, while laying out its strategy to unlock value after rejecting a second offer from BHP. De Beers will “be divested or demerged, to improve strategic flexibility for both De Beers and Anglo American,” the company stated.

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Discover the History of Place Vendôme in Paris – by Laura Beaney (Tatler Asia – October 31, 2019)

https://www.tatlerasia.com/

Few destinations stir up a sense of unparalleled luxury and cinematic history like Place Vendôme. From its seminal maisons to its storied clients and the magnificent jewels they covet, we pinpoint the exceptional moments that left a lasting imprint on the legacy of high jewellery

At the epicentre of exceptional jewellery lies one Parisian address: Place Vendôme. Its history, punctuated by war, revolt and the rise and fall of dynasties is almost as dazzling as the pieces its workshops produce. Completed in 1699 by Jules Hardouin-Mansart, whose design stamp can be traced across France’s architectural high points, from the Palace of Versailles to Notre-Dame, the ambitious feat of urban design was initiated to frame the statue of then ruler Louis XIV.

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Anglo Ditching De Beers Is Hard Blow for Troubled Diamond Market – by Thomas Biesheuvel (Bloomberg News – May 14, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — The diamond industry has already been feeling the heat. Prices have slumped, Russian sanctions are threatening trade and the emergence of lab-grown gems is eating into some key traditional markets. Now, the sector’s most dominant name is being cast adrift.

Anglo American Plc on Tuesday said it will spin off or sell its De Beers business, ending an almost century-long relationship with the industry’s most famous name. The move, part of a wide12)r restructuring to fend off a $43 billion approach from BHP Group, is a seismic shock for the diamond world.

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Lucapa to sell majority stake in Lesotho diamond mine – by Cecilia Jamasmie (Mining.com – May 15, 2024)

https://www.mining.com/

Australia’s Lucapa Diamond (ASX: LOM) has put its 70% stake in the Mothae mine in Lesotho up for sale to focus on its core assets and is discussing options for the 30% held by the country’s government.

The diamond miner’s board said it was “considering all options for the divestment” and finalizing a data room for interested parties. “On review, it is clear the company should streamline the portfolio to focus on our core assets in Africa and Australia,” chairman Stuart Brown said in the statement.

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Anglo American to sell De Beers, Amplats to fend off BHP’s bid – by Cecilia Jamasmie (Northern Miner – May 14, 2024)

https://www.northernminer.com/

Anglo American (LON: AAL), the takeover target of mining giant BHP (ASX: BHP), has ceded to pressure from investors announcing plans to sell some of its legacy assets in an attempt to protect itself from current and future bids.

The sweeping break up plan, disclosed on Tuesday, will see Anglo American sell its diamond business De Beers, its South Africa-based Anglo American Platinum — Amplats — (JSE: AMS) and its steelmaking coal assets.

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Botswana Vows to Protect Interests in Potential BHP-Anglo Deal – by Mbongeni Mguni (Bloomberg News – May 9, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Botswana President Mokgweetsi Masisi vowed to protect the country’s interests, including its 15% stake in diamond giant De Beers, should BHP Group Ltd. acquire Anglo American Plc.

Anglo, which rejected a BHP proposal valuing the mining company at about $39 billion, owns the other 85% of De Beers. Under the proposed deal, BHP — once a major diamond producer itself — said that De Beers would be put on a strategic review. Anglo, the only major miner with a big diamond business, has already been reviewing the future of units including De Beers.

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Cecil John Rhodes: Life and Legacy of a British Imperialist – by Greg Beyer (The Collerctor – May 8, 2024)

https://www.thecollector.com/

One of the greatest imperialists of the British Empire, Cecil John Rhodes’ legacy is today considered highly problematic.

Cecil John Rhodes is a historical figure who has generated huge amounts of debate, not just in South Africa, where he lived much of his life, but across much of the Anglosphere, where his name continues to bear considerable weight and influence.

He was indeed a powerful man who advanced and industrialized parts of the world, bringing colonial progress, wealth, and success to lands under his influence. However, his legacy in the English-speaking world has come under intense scrutiny as those whose ancestors benefitted from his imperialism are made aware of the dark side of his methods.

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